Needham & Company LLC Cuts Impinj (NASDAQ:PI) Price Target to $130.00

Impinj (NASDAQ:PI) had its target price decreased by stock analysts at Needham & Company LLC from $182.00 to $130.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 23.36% from the stock’s current price.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald increased their price objective on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Lake Street Capital increased their price objective on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group increased their price objective on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Finally, Susquehanna decreased their price objective on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and an average price target of $180.10.

Impinj Stock Down 2.2 %

Shares of NASDAQ PI opened at $105.38 on Thursday. The stock has a market cap of $2.98 billion, a PE ratio of 118.40 and a beta of 1.88. Impinj has a 52-week low of $97.77 and a 52-week high of $239.88. The business has a 50-day moving average price of $147.02 and a 200 day moving average price of $172.62.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. Sell-side analysts anticipate that Impinj will post 0.44 earnings per share for the current year.

Insider Activity at Impinj

In related news, CEO Chris Ph.D. Diorio sold 1,504 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $146.22, for a total value of $219,914.88. Following the completion of the transaction, the chief executive officer now directly owns 331,572 shares of the company’s stock, valued at $48,482,457.84. This trade represents a 0.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Sylebra Capital Llc sold 78,616 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $201.79, for a total value of $15,863,922.64. Following the transaction, the insider now directly owns 2,143,736 shares of the company’s stock, valued at $432,584,487.44. The trade was a 3.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 94,132 shares of company stock valued at $18,510,291 in the last ninety days. Corporate insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several hedge funds have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Impinj by 17.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,329 shares of the company’s stock worth $919,000 after buying an additional 923 shares in the last quarter. AlphaQuest LLC increased its position in Impinj by 57.5% during the fourth quarter. AlphaQuest LLC now owns 1,482 shares of the company’s stock worth $215,000 after buying an additional 541 shares in the last quarter. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Impinj during the fourth quarter worth $1,126,000. Raymond James Financial Inc. acquired a new stake in shares of Impinj during the fourth quarter worth $27,699,000. Finally, Arizona State Retirement System boosted its holdings in shares of Impinj by 2.4% during the fourth quarter. Arizona State Retirement System now owns 6,945 shares of the company’s stock worth $1,009,000 after purchasing an additional 160 shares during the last quarter.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company’s platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.